Masthaven has added new mini bridge and refurbishment products to its bridging range to “provide more options for brokers and customers”.

The challenger bank says its mini bridge product caters for loans between £200,000 and £300,000, and is “designed for smaller straightforward loans where time is of the essence”.

It continues to offer standard bridging products for loans over £300,000, as well as its specialist bridging products, which are specifically designed for more complex cases or customers who have a recent adverse credit history.

The lender also launches a separate refurbishment range, which also includes a heavy refurbishment option.

It adds: “The new range aims to help provide greater clarity for brokers and customers along with tailored pricing for different types of refurbishment projects.”

Masthaven director of bridging Alan Margolis says: “During the pandemic, bridging has been a vital tool for homebuyers looking to complete purchases quickly, but responsibly. As we navigate a third national lockdown and enduring economic uncertainty, adapting our product offering is vital.”

Margolis adds: “Brokers can access our new product range through our broker portal where they can get quick quotes, instant decision in principles for straightforward cases and credit backed decisions for more complex cases and apply online.”

The bank made several product changes last year during the pandemic to respond to market changes to “protect customers and brokers”.

It says many of these changes will continue into 2021, such as the lender’s automated valuation model capability for bridging loans up to a maximum of £1m at a maximum loan to value of 60 per cent.

Masthaven was founded in 2004 and was awarded a banking licence five years ago.